How Do You Market…When You Don’t Have Time to Market?

Businessman looking at watchEver heard of mission creep? It refers to the gradual expansion of a project or mission beyond its original scope, focus, or goals.

If you can’t relate to that, you can almost certainly relate to this: responsibility creep. That is, the tendency for an employee’s responsibilities to grow over time, encompassing more and more tasks outside of their original job description. Usually, responsibility creep comes without a commensurate increase in income or status.

Well, it turns out mission creep and responsibility creep are essentially the same thing. They both highlight why it’s so hard for professionals in the banking industry to devote much, if any, time to marketing: because there’s simply no time in their day to spare!

And yet, they must make marketing a priority, both to retain existing customers and target potential new ones. It must also be consistent and relevant — an unfocused, on-again, off-again approach won’t work.

So how do you create time to market when your daily schedule doesn’t allow for it? One of the best solutions for this is email marketing.

The Power of Email Marketing

Email marketing has a unique value for the banking and financial industries. It can deliver targeted, informative content while meeting compliance standards. It requires less time and work than most other marketing channels. And even today, it continues to deliver impressive open and conversion rates across all industries.

But how exactly does email marketing dovetail with a banking professional’s lack of free time?

First, let’s consider the following best practices of marketing for those with little to no downtime in a workday. Then, we’ll see how email marketing meets each of these needs.

  1. Make a plan. Decide what percentage of your time you can devote to marketing. You may have to have some tough conversations and make difficult choices to eliminate or delegate less essential job functions to create a reasonable starting point.
  2. Work smarter, not harder. Lean into what you already know and embrace your competencies. Once your campaign is in motion, let it run and follow the cycle (creation, launch, review, and re-evaluation).
  3. Remember the 80/20 rule. A good rule of thumb to follow: Only 20 percent of your customers need a new product or service at any given moment, so 80 percent of your marketing should be focused on retention. That means having a data-driven approach to boosting brand awareness and developing content that matches the needs and interests of your existing customer base.
  4. Take advantage of data. Useful data provides insights. It teaches you something about your marketing or about your customers. Insights lead to improved marketing, which leads to better results and saved time.
  5. Put your content to work. Creating the actual content of your campaigns is the most important step to building a winning campaign. It takes time and knowledge, and it must be both compliant and engaging. Remember your priorities and the insights you’ve gleaned from your data, then craft content that grabs a customer’s attention, appeals to their interests or life situation, and prompts a specific action.

Email marketing achieves each of these goals. First, the process of running an email marketing campaign can be largely automated and outsourced to a vendor partner, making it an attractive option for those with little time to waste. Automating big pieces of the process also makes it easier to resist micromanaging and tinkering with the campaign once it’s out the door.

Second, the format and method of delivery make adhering to the 80/20 rule relatively easy. You can customize your messaging for the category of customer you’re targeting, in effect running retention and lead generation campaigns simultaneously.

This channel also returns useful data points, since you’ll have ready access to open and click-through rates, phone calls from advertised phone numbers, and a number of other sources. When your campaigns run on data-driven insights into customer behavior, you’ll spend less time micromanaging strategy changes.

Finally, content is the cornerstone of every campaign. Email marketing is focused entirely around your content, or the messaging you want to target specific customer segments with. Not only that, but email marketing allows for a degree of personalization that most other channels and platforms struggle to match. Consider that 91 percent of consumers are more likely to purchase goods and services from brands that provide tailored offers and recommendations specific to them.

It’s not easy to market effectively when you have little to no free time in a given work day. Email marketing is perfectly suited for that task, featuring a high degree of automation, customization, and effectiveness.

Put this solution to work for you today to make marketing your brand the priority it deserves to be.

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